By Atty. Antonio P. Pekas
About 40 years ago, I put up a bookstore on the 2nd floor of a building along Session Road. It was supposed to sell paper backs (pocket books) and school and office supplies. It was a shot in the dark. I did not know anything about the business and, at that time, many considered it crazy to put up any kind of retail store on the second floor. All retail stores then were on the ground floor where customers could see some of the goods you were selling. (Now I see a lot of retail businesses located on the second floor.)
My idol then was the guy in a story about a relative of an American friend who reportedly went into business supplying war materiel to the US government. The business entailed a lot of machine shop knowledge and expertise of which he had none, but the guy said, “let us learn the business as we go along.”
So that was what I did. I was so ignorant about the business but I took the plunge into a dark hole. The learning process was stressful and expensive. Trial and error was it. But I learned. Anytime, I can get into a similar business and I could just pick up where I left off decades ago and I think I would be OK.
I also started educating myself on the science or theory of business. I became a voracious reader of books on the subject. The first order of business, as I learned, was how to create customers. Things were tough then but some customers were created who kept coming back.
There was one thing though that I did know but which I immediately realized, a gestation period. A business will need time to take root and grow or flourish. It is not so different from planting a fruit tree or some vegetables. It is stupid to expect a fruit tree to expect it to bear fruit in a few months. But that would be reasonable an expectation if you planted pechay or string beans.
I am pointing this out because I have seen so mny businesses being put up only to close a few months after. Perhaps the owners of those expected to make some profit within a month or two.
Creating customers will take time. It depends on what kind of business you are in. Meanwhile, costs are going which have to be taken care of, thus, the need for capital to cover for losses in the early stages of the business. Yes, some losses would have to be incurred.
Another important thing I learned was innovation. Don’t get trapped in the “me too” mentality. This is prevalent everywhere in this country. I would attribute it to lack of education or brains.
I have seen sari-sari stores being put up only for the owners’ relatives or neighbors to also put up other similar stores within the vicinity. The cause of this might be complex but it all boils down to stupidity.
I have a neighbor down the road who exemplified innovation. In the midst of ordinary sari-sari stores. He put up one but he set it up like a mini grocery where the customers will pick up the things they want to buy and then go to the cashier to pay. The stalls are visible so the chance of somebody pocketing things without paying would be rare. A cc TV can also be readily installed. Only a cashier is needed to run the show. And right outside is a barbecue stand, the only one in the neighborhood, with seats around for people who want to sit and have some beer.
Customers can buy the raw meat in sticks, pay for these to the cashier and then barbecue these outside.
That is what I call innovation.
**
